$VINC
Vincerx Pharma, Inc.

2020 Q4 Form 10-K Financial Statement

#000119312521089563 Filed on March 22, 2021

View on sec.gov

Income Statement

Concept 2020 Q4 2020 2019 Q4
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.600M
YoY Change
% of Gross Profit
Research & Development $2.116M
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $10.10M $10.71M
YoY Change
Operating Profit -$10.71M
YoY Change
Interest Expense -$5.970M $8.000K
YoY Change -84.0%
% of Operating Profit
Other Income/Expense, Net -$8.000K
YoY Change
Pretax Income -$16.07M -$16.62M
YoY Change
Income Tax $812.00
% Of Pretax Income
Net Earnings -$16.07M -$10.72M -$435.00
YoY Change 3694152.87% -70.0%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$996.3K -$3.166M
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q4 2020 2019 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $61.79M $61.79M $140.0K
YoY Change 44035.71% 205866.67%
Cash & Equivalents $61.79M $61.79M
Short-Term Investments
Other Short-Term Assets $214.0K $1.310M
YoY Change 1090.91%
Inventory
Prepaid Expenses $1.104M
Receivables
Other Receivables
Total Short-Term Assets $63.11M $63.11M $140.0K
YoY Change 44978.57% 210266.67%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $82.00K $80.00K $80.00K
YoY Change 2.5%
Total Long-Term Assets $82.00K $80.00K $80.00K
YoY Change 2.5%
TOTAL ASSETS
Total Short-Term Assets $63.11M $63.11M $140.0K
Total Long-Term Assets $82.00K $80.00K $80.00K
Total Assets $63.19M $63.19M $220.0K
YoY Change 28623.64% 210533.33%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $491.0K $490.0K $35.00K
YoY Change 1302.86%
Accrued Expenses $20.00K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $10.00K $10.00K $180.0K
YoY Change -94.44%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $37.81M $37.81M $44.00K
YoY Change 85838.64%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $37.81M $37.81M $44.00K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $37.81M $37.81M $44.00K
YoY Change 85838.64%
SHAREHOLDERS EQUITY
Retained Earnings -$16.67M -$45.00K
YoY Change 36933.33%
Common Stock $1.000K $1.000K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $25.38M $25.38M -$44.00K
YoY Change
Total Liabilities & Shareholders Equity $63.19M $63.19M $220.0K
YoY Change 28623.64% 210533.33%

Cashflow Statement

Concept 2020 Q4 2020 2019 Q4
OPERATING ACTIVITIES
Net Income -$16.07M -$10.72M -$435.00
YoY Change 3694152.87% -70.0%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$2.160M -$2.279M $0.00
YoY Change
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$65.64M
YoY Change 0.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.000K
YoY Change -96.67%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 64.07M 64.07M 110.0K
YoY Change 58145.45% 213470.0%
NET CHANGE
Cash From Operating Activities -2.160M -2.279M 0.000
Cash From Investing Activities -65.64M
Cash From Financing Activities 64.07M 64.07M 110.0K
Net Change In Cash 61.91M 61.79M 110.0K
YoY Change 56181.82% 205873.33%
FREE CASH FLOW
Cash From Operating Activities -$2.160M -$2.279M $0.00
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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CY2020 us-gaap Nature Of Operations
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<div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">1. Nature of Business </div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Organization </div></div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">LifeSci Acquisition Corp. (&#8220;LSAC&#8221;) was initially formed on December&#160;19, 2018 as a Delaware corporation formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. </div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">On September&#160;25, 2020, LSAC entered into a Merger Agreement (the &#8220;Merger Agreement&#8221;) with LifeSci Acquisition Merger Sub, Inc., a Delaware corporation and a wholly-owned subsidiary of LSAC (&#8220;Merger Sub&#8221;), VNRX Corp (f/k/a Vincera Pharma, Inc.), a Delaware corporation (&#8220;Vincera Pharma&#8221;), and Raquel E. Izumi, as the representative of the stockholders of Vincera Pharma (such stockholders, the &#8220;Vincera Pharma stockholders&#8221;). </div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Pursuant to the terms of the Merger Agreement, a business combination between LSAC and Vincera Pharma was effected through the merger of Merger Sub with and into Vincera Pharma, with Vincera Pharma surviving as the surviving company and as a wholly-owned subsidiary of LSAC. On December&#160;23, 2020, and in connection with the closing of the business combination (the &#8220;Business Combination&#8221;), LifeSci Acquisition Corp. changed its name to Vincera Pharma, Inc. In January 2021, Vincera Pharma, Inc. changed its name to Vincerx Pharma, Inc. (together with its consolidated subsidiaries, the &#8220;Company&#8221;). </div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;">The Company is a clinical-stage biopharmaceutical company focused on leveraging its extensive development and oncology expertise to advance new therapies intended to address unmet medical needs for the treatment of cancer. The Company&#8217;s current pipeline is entirely derived from the Bayer License Agreement (see Note 4), pursuant to which the Company has been granted an exclusive, royalty-bearing, worldwide license under certain Bayer patents <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">and&#160;know-how&#160;to</div> develop, use, manufacture, commercialize, sublicense and distribute a clinical-stage <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">and&#160;follow-on&#160;small</div> molecule drug program and a preclinical stage bioconjugation/next-generation ADC platform. The Company intends to use these product candidates to treat various cancers in a patient-specific, targeted approach. </div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="display:inline;">During the early months of 2020, <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">COVID-19&#160;emerged</div> and has subsequently spread <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">world-wide.</div> The World Health Organization has declared <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">COVID-19&#160;a</div> pandemic resulting in federal, state and local governments and private entities mediating various restrictions, including travel restrictions, restrictions on public gatherings, stay at home orders, and advisories and quarantining people who may have been exposed to the virus. Management is currently evaluating the impact of the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">COVID-19</div> pandemic on its future plans and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company&#8217;s financial position and results of its operations, the specific impact is not readily determinable as of the date of these consolidated financial statements. </div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2020 dei Entity Incorporation Date Of Incorporation
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CY2020 us-gaap Use Of Estimates
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<div style="font-family: times new roman; font-size: 10pt; margin-top: 14pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Use of Estimates </div></div></div> <div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of commitments and contingencies at the date of the financial statements as well as reported amounts of expenses during the reporting periods. Estimates made by the Company include, but are not limited to, those related to the valuation of common stock prior to the Business Combination and stock-based compensation. The Company bases these estimates on historical experience and on various other assumptions that it believes are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Actual results could differ materially from those estimates. </div></div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
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<div style="font-family: times new roman; font-size: 10pt; margin-top: 14pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Concentrations of Credit Risk </div></div></div> <div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company is subject to risks common to companies in the biotechnology industry, including, but not limited to, development by the Company or its competitors of technological innovations, risks of failure of clinical studies, dependence on key personnel, protection of proprietary technology, compliance with government regulations, and ability to transition from preclinical manufacturing to commercial production of products. </div></div> <div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company&#8217;s future product candidates will require approvals from the U.S. Food and Drug Administration and comparable foreign regulatory agencies prior to commercial sales in their respective jurisdictions. There can be no assurance that any product candidates will receive the necessary approvals. If the Company was denied approval, approval was delayed or the Company was unable to maintain approval for any product candidate, it could have a material adverse impact on the Company. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
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2744586
CY2020Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2019Q3 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
1618199
CY2020Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
10133767
CY2020 dei Document Type
DocumentType
10-K
CY2020 dei Amendment Flag
AmendmentFlag
false
CY2020 dei Document Period End Date
DocumentPeriodEndDate
2020-12-31
CY2020 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2020
CY2020 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2020 dei Entity Registrant Name
EntityRegistrantName
Vincerx Pharma, Inc.
CY2020 dei Entity Central Index Key
EntityCentralIndexKey
0001796129
CY2020 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2020 dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
CY2020 dei Document Annual Report
DocumentAnnualReport
true
CY2020 dei Document Transition Report
DocumentTransitionReport
false
CY2020 dei Icfr Auditor Attestation Flag
IcfrAuditorAttestationFlag
false
CY2020Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2019Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2020Q4 us-gaap Preferred Stock Value
PreferredStockValue
CY2019Q4 us-gaap Preferred Stock Value
PreferredStockValue
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1000
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
-44000
CY2020 lsacu Proceeds From Reverse Acquisition Net Value
ProceedsFromReverseAcquisitionNetValue
64070000
CY2020 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
4382000
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
57687000
CY2020 lsacu Issuance Of Common Stock To Founders Value
IssuanceOfCommonStockToFoundersValue
1000
CY2020 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
CY2019Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
0
CY2020 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1048000
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1048000
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
349000
CY2020 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
19.00
CY2020 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P10Y
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
19.00
CY2020 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P10Y
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
19.00
CY2020 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P10Y
CY2019Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
CY2020 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0
CY2020 lsacu Transaction Costs And Advisory Fees
TransactionCostsAndAdvisoryFees
1395000
CY2020 lsacu Net Proceeds From Reverse Acquisition
NetProceedsFromReverseAcquisition
64070000
CY2020 dei Local Phone Number
LocalPhoneNumber
800-6676
CY2020 dei Entity Current Reporting Status
EntityCurrentReportingStatus
No
CY2020 dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
CY2020 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2020 dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
true
CY2020 dei Entity Ex Transition Period
EntityExTransitionPeriod
false
CY2020 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
CY2020 dei Entity Small Business
EntitySmallBusiness
true
CY2020 dei Entity Shell Company
EntityShellCompany
false
CY2020 dei Entity File Number
EntityFileNumber
001-39244
CY2020 dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
CY2020 dei Entity Tax Identification Number
EntityTaxIdentificationNumber
83-3197402
CY2020 dei Entity Address Address Line1
EntityAddressAddressLine1
260 Sheridan Avenue, Suite 400
CY2020 dei Entity Address City Or Town
EntityAddressCityOrTown
Palo Alto
CY2020 dei Entity Address State Or Province
EntityAddressStateOrProvince
CA
CY2020 dei Entity Address Postal Zip Code
EntityAddressPostalZipCode
94306
CY2020 dei City Area Code
CityAreaCode
650
CY2019Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
5196000
CY2020Q2 dei Entity Public Float
EntityPublicFloat
7800000

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